North Coast Solar Stocks

September 9, 2009

Canadian Solar Announces 10 MW Co-Operation Memorandum of Understanding with LG in Korea

Filed under: CSIQ — Tags: , , — Jason @ 9:46 am

Wednesday September 9, 2009, 9:46 am EDT

ONTARIO, Canada, Sept. 9 /PRNewswire-Asia-FirstCall/ — Canadian Solar Inc. (the “Company”, “Canadian Solar” or “we”) (CSIQ) today announced it has entered into a second memorandum of understanding with LG CNS Co. Ltd. (“LG CNS”), a subsidiary of the LG Group of South Korea, to implement a minimum 10 MW of PV power projects in Korea in 2010. Canadian Solar modules will be used in these projects. LG CNS has been a customer of Canadian Solar since early this year.

This non-binding memorandum expands on the first memorandum of understanding between Canadian Solar and LG CNS signed in April of this year and confirms the parties’ desire to strengthen the existing close business partnership between the two companies. The Korean government recently announced the details of its 2010 PV programs, which include the Feed-in- Tariff (“FIT”) program and the pilot stage of a renewable energy portfolio standard program (“RPS”) program.

Shawn Qu, Chairman and CEO of Canadian Solar said, “South Korea has been a good market for Canadian Solar this year and our agreements with LG CNS have played an important role in this success. LG CNS is one of the best solar system integrators and EPC providers and is a well recognized player in the Korean and worldwide solar markets. We are very pleased to have LG CNS’s endorsement of the quality of our products and services. We believe that combining the strength of both companies will allow us to offer our high- quality, one-stop services to many more project owners in Korea.”

Michael Park, Vice President of LG CNS said, “Canadian Solar is a leading supplier of high-quality, high performance solar modules in the Korean market. Canadian Solar modules are quickly recognized by our customers as a product with one of the best energy production ratios. We are happy to expand our relationship with Canadian Solar, which will allow us to provide long-term superior solutions to the attractive solar market in Korea, especially to our important local power utility customers.”

About LG CNS

LG CNS has 7,000 employees at its headquarters, 7 overseas subsidiary companies and 4 subsidiary companies around the world to help clients with IT challenges; LG CNS provides comprehensive solutions from consulting to system deployments and operations. With abundant industry-specific knowledge, proven advanced IT technology experts and the industry’s top service quality, LG CNS makes people’s lives more convenient, futuristic and enjoyable by driving the national and corporate information-oriented culture.

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